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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Aug. 31, 2020
Aug. 31, 2019
Operating activities:    
Net earnings (loss) $ 618,738 $ (2,455)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:    
Depreciation and amortization 22,211 24,177
Impairment of long-lived assets 9,924 40,601
Provision for (benefit from) deferred income taxes 71,031 (3,498)
Bad debt expense 94 168
Equity in net income of unconsolidated affiliates, net of distributions (6,757) 5,082
Net loss on sale of assets 402 618
Stock-based compensation 4,856 3,995
Gains on investment in Nikola (796,141) 0
Charitable contribution of Nikola shares 20,653  
Loss on extinguishment of debt 0 4,034
Changes in assets and liabilities:    
Receivables (82,194) 14,981
Inventories 85,622 44,282
Accounts payable 47,154 (37,234)
Accrued compensation and employee benefits 23,852 (23,215)
Income taxes payable 83,664 10,556
Other operating items, net 14,279 (17,723)
Net cash provided by operating activities 117,388 64,369
Investing activities:    
Investment in property, plant and equipment (32,871) (22,174)
Proceeds from sale of Nikola shares 487,859  
Proceeds from sale of assets   9,176
Net cash provided (used) by investing activities 454,988 (12,998)
Financing activities:    
Proceeds from long-term debt, net of issuance costs   101,598
Principal payments on long-term obligations and debt redemption costs (97) (153,977)
Payments for issuance of common shares, net of tax withholdings (1,150) (3,213)
Payments to noncontrolling interests (560)  
Repurchase of common shares (54,320) (29,599)
Dividends paid (13,379) (12,960)
Net cash used by financing activities (69,506) (98,151)
Increase (decrease) in cash and cash equivalents 502,870 (46,780)
Cash and cash equivalents at beginning of period 147,198 92,363
Cash and cash equivalents at end of period $ 650,068 $ 45,583